China’s Foreign Reserves Drop Most in 10 Months as Yuan Slumps
- Reserves decreased $69.1 billion to $3.05 trillion in November
- Authorities have already begun tightening capital controls
China's Economy: Real Growth or Currency Manipulation?
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China’s foreign currency reserves, the world’s largest, fell the most since January after the yuan declined to an eight-year low.
The fifth-straight monthly decline brings the reduction in the stockpile to almost $1 trillion from a record $4 trillion in June 2014. While authorities have begun tightening capital controls, a $50,000 limit that Chinese citizens are allowed to convert from yuan annually will reset at the start of the new year, potentially adding depreciation pressure on the currency.